WORLD TRADE  
ORGANIZATION  S/C/N/549 
26 April 2010 
 
 (10-2135) 
Council for Trade in Services Original:   Spanish 
  
 
NOTIFICATION PURSUANT TO ARTICLE III:3 OF THE 
GENERAL AGREEMENT ON TRADE IN SERVICES 
 
  The following notification from the delegati on of Peru, dated 15 April 2010, is being 
circulated to members of the Council for Trade in Services. 
 
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 1. Member(s) notifying.  If applicable th e sub central government or authority or 
non-governmental bodies involved should be specified: 
Peru 
 
2. Notification under Article(s):  
Article III:3 of the General Agreement on Trade in Services. 
 
3. Date of entry into force/duration:  
28 June 2008 
 
Duration: 
 
 Indefinite  
4. Agency responsible for en forcement of the measure:  
Supervisory Authority for Banking, Insurance and Private Pension Fund Administrators 
(SBS). 
 
5. Complete description of the measure:  
Legislative Decree No. 1052 amending the Ge neral Law on the Financ ial System and the 
Insurance System and the Organic Law on the SPS (Law No. 26702). 
 
This Decree contains the following provisions: 
 
• It stipulates that where the Banking and In surance Supervisory Authority rejects an 
application to set up an enterprise, to the extent possible and at the request of the 
applicant, it shall provide the reasons for its rejection.  This represents a change with 
respect to the previous regulation set fort h in Law No. 26702, which stipulated that 
the decision authorizing or refusing authorization to set up an enterprise did not need 
to be justified, nor could it be challenged ad ministratively or judicially.  This measure S/C/N/549 
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  affects Peru's mode 3 commitments in Sectors 7A (All insurance and insurance-
related services) and 7B (Banki ng and other financial services). 
 
• It clarifies the activities that can be carri ed out by representatives of enterprises 
offering banking services from abroad, which are limited to the following:  
 
(i) Promotion of the services of their principal among similar companies 
operating in the country with a view to facilitating foreign trade and providing external financing;   
 (ii) promotion of their principle's diffe rent financing opti ons among natural and 
legal persons interested in buying and selling goods and services in foreign 
markets;   
 (iii) promotion of the services of th eir principal among persons potentially 
requiring foreign loans or capital. 
 
• It also sets up a framework for the estab lishment of representatives of reinsurance 
companies and reinsurance intermediaries fro m abroad.  This measure affects Peru's 
mode 3 commitments in Sectors 7A (All insurance and insurance-related services) and 7B (Banking and other financial services). 
 
• It enables companies in the insurance system and/or suppliers of insurance-related 
services domiciled within the territory of a country with which Peru has concluded an 
international agreement providing for the supply of such services to provide the following insurance and insurance-related services: 
  (a) Insurance of risk relating to:  
  (i) Maritime shipping, commercial aviation and space launc hing and freight 
(including satellites), with such insurance to cover any or all of the following:  the goods being transported, the vehicle transporting the goods and any liability arising therefrom;  and 
 
  (ii) goods in international transit; 
  (b) reinsurance and retrocession;   (c) consultancy, actuarial, risk assessment and claims settlement services;  and  
 (d) intermediation of risk insurance relating to th e elements listed in subparagraphs (a) and (b). 
  Without prejudice to other prudential regulati on measures for cross-border trade in the above-
mentioned services, the Banking and Insuran ce Supervisory Authority may require the 
registration of cross-border companies or suppliers and of financial instruments. 
 
 This measure affects Peru's mode 1 and mode  4 commitments in Sectors 7A (All insurance 
and insurance-related services) and 7B (Banking and other financial services). 
  S/C/N/549 
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  6. Members specifically affected, if any:  
None 
 
7. The texts are available from:  
Enquiry Point 
 
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